Post the transaction, Michael Fernandes, partner, LeapFrog Investments has joined the NeoGrowth Credit board. Commenting on the funding, Michael said, “India is at an inflexion point of moving towards a less cash economy and massive digitisation of transaction level data. By providing loans to underserved merchants based on financial profiles created through real-time transaction data, NeoGrowth unlocks credit that is tailored to their business, which in turn inspires growth and job creation.”

Earlier in July, 2016, NeoGrowth Credit had raised a total of $16 Mn (INR 108 Cr) in a venture round of funding from IIFL Wealth Management’s Seed Venture Fund. The then existing investors Omidyar Network, Khosla Impact and Aspada had also participated in the round.